Feeds

Lehmans techies start job hunt

As hard-up traders turn to eBay

High performance access to file storage

Lehman Bros techies chucked onto the pavement yesterday face a decent chance of sliding into new jobs quickly, which may go some way towards sweetening the bitter pill of not receiving a final pay cheque.

The bank – in case you didn’t know – crashed spectacularly in the early hours of Monday. Staff turned unsecured creditors were left scrambling to use up their canteen credit cards and grab cases of vintage wine from its Canary Wharf offices as TV crews scrambled to get footage of newly unemployed bankers drowning their sorrows.

As the hangovers kick in this morning though, the latest casualties of capitalism will be getting their heads round the fact that there is no money in the kitty to pay them the current month’s wages. According to reports, the bank swept all its cash back to the US every night, before doling out whatever the international subsidiaries needed back first thing. Someone neglected to do this before Monday morning’s bust, meaning the administrators have nothing with which to meet $75m in salaries due this week.

This will, presumably, leave ex-staffers even more focused on finding another gig – at least those who were not on the absurdly stratospheric salaries that tend to undermine public sympathy for unhorsed masters of the universe.

Dominic Connor, director of City tech recruitment agency P&D Quantitative Recruitment, said the bust was squarely down to the credit bust, and even then: “No-one blames the techies in credit.”

He added that Lehman’s staff seemed “brighter than the average” and that “teams and business units will leave LB if not intact, then as a coherent group, some sold, some headhunted, some will set up on their own.”

With Barclays, amongst others, negotiating to buy chunks of the business today, some may barely skip a beat.

Headhunters were reported to have set up stall outside the beleaguered bank's London HQ yesterday, and are madly spamming their contacts lists as they try to collar the most desirable staff.

The only ones who might face a problem, Connor predicted, would be those who have become overspecialised. They will have to re-skill fast if they want to avoid structural unemployment he predicted. (Hint - think C++ or Haskell)

In the meantime, it seems some ex-Lehman’s staff are reinventing themselves as traders of a different kind. Inevitably, eBay is already awash in souvenirs of the late lamented bank, as this link shows.

A raft of corporate t-shirts are available, but more intriguing are the firm’s operating principals (sic), here, currently attracting $36 worth of interest, while the emergency evacuation kit, containing logo’d facemask and torch amongst other goodies, is generating interest in the region of $56. Which is more than you can expect if you’re a Lehmans bond holder today. ®

Combat fraud and increase customer satisfaction

More from The Register

next story
Dropbox defends fantastically badly timed Condoleezza Rice appointment
'Nothing is going to change with Dr. Rice's appointment,' file sharer promises
Audio fans, prepare yourself for the Second Coming ... of Blu-ray
High Fidelity Pure Audio – is this what your ears have been waiting for?
Did a date calculation bug just cost hard-up Co-op Bank £110m?
And just when Brit banking org needs £400m to stay afloat
Sorry London, Europe's top tech city is Munich
New 'Atlas of ICT Activity' finds innovation isn't happening at Silicon Roundabout
MtGox chief Karpelès refuses to come to US for g-men's grilling
Bitcoin baron says he needs another lawyer for FinCEN chat
Zucker punched: Google gobbles Facebook-wooed Titan Aerospace
Up, up and away in my beautiful balloon flying broadband-bot
Apple DOMINATES the Valley, rakes in more profit than Google, HP, Intel, Cisco COMBINED
Cook & Co. also pay more taxes than those four worthies PLUS eBay and Oracle
prev story

Whitepapers

Designing a defence for mobile apps
In this whitepaper learn the various considerations for defending mobile applications; from the mobile application architecture itself to the myriad testing technologies needed to properly assess mobile applications risk.
3 Big data security analytics techniques
Applying these Big Data security analytics techniques can help you make your business safer by detecting attacks early, before significant damage is done.
Five 3D headsets to be won!
We were so impressed by the Durovis Dive headset we’ve asked the company to give some away to Reg readers.
The benefits of software based PBX
Why you should break free from your proprietary PBX and how to leverage your existing server hardware.
Securing web applications made simple and scalable
In this whitepaper learn how automated security testing can provide a simple and scalable way to protect your web applications.